Defined Contribution Plan Document

ARTICLE IV
FORFEITURES AND VESTING

Section 3: Vesting.

  1. The Individual Account of each Covered Employee who is a Participant in the Southern California IBEW-NECA Pension Plan (Defined Benefit Plan) on July 1, 1985 will automatically be vested.
  2. Except as provided in paragraph C below, each other Covered Employee shall become 100% vested in his Individual Account upon the completion of 300 Covered Hours in two consecutive Plan Years. Once the Individual Account is vested, it shall remain vested regardless of any subsequent termination of employment or partial distribution of his account. Hours of Uncovered Vesting Employment under Section 4(c) shall be considered in determining whether a Covered Employee is vested.
  3. The Individual Account of each Covered Employee who works one or a partial Covered Hour on or after July 1, 2002 shall be 100% and immediately vested.